The Kamoa‑Kakula copper complex, located near Kolwezi in Lualaba Province, Democratic Republic of Congo, is a large‑scale copper project jointly owned by Ivanhoe Mines, Zijin Mining and the DRC government. On 8 July 2026, Ivanhoe Mines announced that the project produced 64,328 tonnes of copper in the second quarter of 2026.
64,328 Tonnes Based on Smelter and Marketable Product Definition
The most confusing aspect of this announcement is the product definition. In Q2, the three concentrators processed a total of 2.97 million tonnes of ore, producing 61,134 tonnes of copper in concentrate. The on‑site smelter produced 62,072 tonnes of anode copper, while the Lualaba copper smelter toll‑treated material to produce 2,256 tonnes of blister copper. Together, this resulted in 64,328 tonnes of copper in the form of anode copper, blister copper or marketable slag concentrate.
Since the start of 2026, Kamoa‑Kakula’s production has been reported under the smelter and marketable product definition. When comparing with the 2025 concentrate‑in‑copper definition, one should first consider the product form, and then the quarterly trends.
Q2 production was lower than Q1’s 71,417 tonnes, with the main disruption being a 56‑day outage at the Lualaba copper smelter. The smelter returned to normal operation on 1 July. Ivanhoe also disclosed that the project held approximately 40,000 tonnes of copper‑in‑inventory at the end of Q2, with a plan to draw down up to 10,000 tonnes in the second half, targeting year‑end inventory of 25,000 to 30,000 tonnes.
H2 Production Ramp‑up Depends on Mining Rates, Smelting and Power
Ivanhoe maintains its 2026 production guidance of 290,000 to 330,000 tonnes of copper. With first‑half production of 135,745 tonnes, the second half will need to produce 154,255 to 194,255 tonnes; based on the midpoint of 310,000 tonnes, the second half would need to produce 174,255 tonnes, roughly 28% higher than the first half.
The ramp‑up plans are already embedded in the mining operations. The company stated that the mining rate at Kamoa is planned to increase by 30% in the second half, reaching 700,000 tonnes per month, equivalent to an annualised rate of 8.5 million tonnes. Following the completion of the 95 Project, the recovery rates at the Phase 1 and Phase 2 concentrators are expected to improve starting from the third quarter.
The on‑site copper smelter, designed with an annual capacity of 500,000 tonnes, is currently operating at about 60% of its design capacity. The target for the second half is approximately 850 tonnes of anode copper per day, equivalent to an annualised rate of about 300,000 tonnes. The target of reaching full design capacity has been postponed to 2028, meaning that while the smelter is already contributing to production, stable full‑load operation still depends on concentrate supply, equipment condition and power reliability.
Sulphuric acid by‑products are also starting to affect project economics. In Q2, the on‑site smelter produced 112,307 tonnes of high‑strength sulphuric acid, with July sales contract prices around $840 per tonne, sold to mines in the DRC’s Copperbelt.
Post time: Jul-16-2026
